By: John Kariuki
Comfort Homes Managing Director Dr. Hezekiah Kariuki has taken a moment to share with us his thoughts of the proposed Real Estate Regulation Bill. Dr. Kariuki highlighted his opinion particularly to the phrase that touches on the licensing of real estate agents. The Bill seeks to introduce an annual licensing requirement; the legislation ensures that agents continually meet the stipulated standards of professionalism and ethics.
Dr. Kariuki had this to share with us: “One of the components of the proposed bill is a requirement of the sum of Kenya Shillings five hundred million for registration of a real estate company. Let’s try to dissect that a little bit: Since we gained independence in 1963, only a mere two percent (2%) of Kenyans have attained assets worth Ksh 500 million. Now, calling for a real estate company to pay that much is not only farfetched but also punitive. How many real estate companies can be able to raise that amount, especially during these tough economic times? I guess none,” Dr. Kariuki noted
Before any change can be effected, there is a need for stakeholder engagement and participation. Firstly, let us look at the merits and demerits of the real estate industry. Centimillionaires in Africa can be ranked as number one – Egypt (because of oil wealth), and South Africa as a result of gold mining. Nigeria is number three as a result of oil and gas. Kenya is number four and our millionaires rose after the robust infrastructural development borne during the late President Mwai Kibaki.
The real estate company has created a lot of job opportunities – to be precise at least 400,000 jobs directly and another 300,000 jobs indirectly. Why are we enemies of ourselves in Kenya – killing what can be of benefit to us?
After job losses, we shall experience stagnation in the growth of the upcoming towns that have been enabled by real estate companies.
Another loss is Government revenue which the government obtains through documentation, subdivision and transfer of land. Therefore, I’m calling upon our leaders to rethink about such a move whose disadvantages outweigh the gains.”
Dr. Kariuki also expressed his full support for the Government’s affordable housing program which he said other than creating employment, is offering a beacon of hope to many Kenyans whose dream of owning a house could have remained a pipedream.
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